Page:United States Statutes at Large Volume 12.djvu/698

668 THIRTY—SEVENTH CONGRESS. Sess. III. Ch. 58. 1,863. ments of this act to entitle it to engage in the business of banking; and shall cause to be made, and attested by the oaths of a majority of the directors and by the president or cashier of such association, a statement of all the facts necessary to enable the comptroller to determine whether such association is lawfully entitled to commence the business of banking under this act. . _ _ I Ir lawruuy cn. Sicc. 10. And be ·it_f·i.¢rther enacted, That 1f} upon a. careful examination ¤fl¤¤l_¥<> W-¤¤ of the facts so reported, and of any other facts which may come to the mf;Q"f;,‘g,f§E;,_ knowledge of the comptroller, whether by means of a special commission tilicate to that appointed by him for the purpose of inquiring into the condition of such °m‘°t· association, or otherwise, it shall appear that such association is lawfully entitled to commence the business of banking, the comptroller shall give to such association a. certihcate under his hand and official seal, showing that such association has complied with all the provisions of this act required to be complied with before being entitled to commence the business of banking under it, and that such association is authorized to commence said business accordingly; and it shall be the duty of such association to Certificate to be cause said certificate to be published in some newspaper, published in the P“b“"’h°d· city or county where such association is located, for at least sixty days next after the issuing thereof': Provided, That if no newspaper is published in such city or county, such certificate shall be published as the comptroller of the currency shall direct. Association Sec. 11. And be it further emzcteal That every association formed

pursuant to the provisions of this act may make and use a common seal,

and continue nin and shall have succession by the name designated in its articles of asso- '{"°' “"°"*5' ciation and for the period limited therein, not, however, exceeding twenty }°;”' f years from the passage of this act; by such name may make contracts, cmf;';?rS° °ss°` sue and be sued, complain and defend in any court of law or equity as fully as natural persons, and may make by-laws, approved by the comptroller of the currency, not inconsistent with the laws of the United States or the provisions of this act., for the election of directors, the management of its property, the regulation of its affairs, and for the transfer of its stock; and shall have power to carry on the business of banking by obtaining and issuing circulating notes in accordance with the provisions of this act; by discounting bills, notes, and other evidences of debt; by receiving deposits; by buying and selling gold and silver bullion, foreign coins, and bills of exchange; by loaning money on real and personal security, in the manner specified in their articles of association, for the purposes authorized by this act., and by exercising such incidental powers as shall be necessary to carry on such business; to choose one of their _ number as president of such association, and to appoint a cashier and such wlmstgsgzggggm other officers and agents as their business may require; and to remove ' such president, cashier, officers, and agents at pleasure, and appoint others in their place; and their usual business shall be transacted in banking offices located at the places specified respectively in its certificate of association, and not elsewhere. Sirmsfo M Sec. 12. And be it further enacted, That the shares of associations {;'“°““l p"°p"` formed under this act shall be deemed personal property, and shall be transferable on the books of the association in such manner as may be prescribed in the by·laws or articles of association; and every person How t,a,,S,»m._ becoming a shareholder by such transfer shall, in proportion to his shares, able. succeed to all the rights and liabilities of the prior holder of such shares; and no change shall be made in the articles of association by which the rights, remedies, or security of the existing creditors of the association pcgslglmlxlgiilc shall be impaired. F or all debts, contracted by such association for cir- ,0,_,,,ic€gh€ culation, deposits, or otherwise, each shareholder- shall be liable to the uxnountof his amount, at their par value, of the shares held by him in addition to the sh“'“j amount invested in such shares. hogalqg; s;‘;°l§h_ S20. 13. And be it further enacted, That it shall be lawful for any mm .